Model-based engineering has been a topic of discussion for over twenty years; Model-based systems engineering (MBSE) has been an INCOSE initiative since 2006. For the third international conference on MBSE held September 2010, the author researched the background of MBSE from a historical perspective to identify the emergent timeline and to recognize the work that has lead to the current situation. This perspective can be used to understand the barriers to adoption, the research that remains, and to establish a reasonable expectation of the path ahead for realizing the full potential of MBSE.